Rochester-based Home Properties is being acquired by a private equity firm. Lone Star Funds will buy the locally based real estate investment trust for about $7.6 billion including debt.
Home Properties will become a privately held company after the deal closes by the end of the year.
"The Home Properties team has built a great company, as reflected by our strong platform, unique assets, and differentiated business strategy," said Edward J. Pettinella, President and Chief Executive Officer of Home Properties. "We believe this transaction with Lone Star Funds provides our stockholders with compelling value for their investment, consistent with our long-term strategy."
Hugh J. Ward III, Co-Head of Real Estate Investments at Lone Star Funds, added, "We are pleased to enter into an agreement to acquire Home Properties and look forward to working with their talented team to complete this transaction and integrate the Company's portfolio into Lone Star Funds' existing multifamily portfolio."
Home Properties has about 1200 employees in total, around 200 of them in Rochester. When asked about their job prospects going forward, the company supplied this statement to WXXI News:
"We believe the transaction announced today will provide new opportunities for career growth and advancement, as Home Properties employees will have the opportunity to be part of an experienced, robust organization. Lone Star Funds has great respect for our company, recognizes the value of our employees and shares our confidence in the future of Home Properties."
